Water Heaters Market Size, Share, Growth, Trends and Forecast 2033

Overview and Scope

A water heater is a device used for heating water above its ambient temperature, used generally for domestic purposes.

Sizing and Forecast

The water heaters market size has grown strongly in recent years. It will grow from $37.29 billion in 2023 to $40.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to rise in disposable income, high investments, adaption of the internet of things (iot) and new product launches along with advanced features.

The water heaters market size is expected to see strong growth in the next few years. It will grow to $58.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increased internet penetration, a rise in merger and acquisition activity and growing demand for instant heating units. Major trends in the forecast period include offering smart water heaters to protect the energy and increase the efficiency of the water heater, focus on bringing more advancements in hybrid water heaters or systems, to meet the rising demand and to increase their revenue, companies should consider helping in the development of technologies for improving performance, to switch the power load on the grid, by detecting the temperature, invest in the introduction of energy efficient technologies in water heaters to reduce the overall consumption of energy during the water treatment heating process, consider government associations to maintain their renewable energy and for decarbonization purposes and players in the market should consider appealing to technology investments and associations to develop the market presence..

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Segmentation & Regional Insights

The water heaters market covered in this report is segmented –

1) By Product Type: Solar Heaters, Electric Heaters, Gas and Propane Heaters, Geothermal Heaters

2) By Distribution channel: Supermarket/Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels

3) By End User: Residential, Commercial, Industrial

Asia-Pacific was the largest region in the water heaters market in 2023. Western Europe was the second-largest region in the global water heaters market share. The regions covered in the water heaters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Rapid Urbanization is expected to contribute to the growth of the water heaters market in the forecast period. According to the world economic forum (WEF) (2020), urban populations made up the highest share in Northern American countries with 83.6 percent of residents lived in cities and 56.2 percent of the world population was urban. The growth in the urban population coupled with the rise in disposable incomes and affordability among residents of cities will drive the demand for water heaters market.

Key Industry Players

Major companies operating in the water heaters market report are A. O. Smith Corporation, Rinnai Corporation, Vaillant Group, Ariston Thermo Group, Rheem Manufacturing Company, Viessmann Group, Haier Smart Home Co., Ltd., Bradford White Corporation, Robert Bosch GmbH, Bajaj Electricals Ltd, Crompton Greaves Consumer Electricals Ltd., Havells India Ltd., Taian Haoli Solar Energy Technology Co., Ltd., AquaWorld Group Co., Ltd., Changzhou XNE Technology Co., Ltd., Guangdong PHNIX Eco-Energy Solution Ltd., Siemens AG, Stiebel Eltron International GmbH, Telford Copper & Stainless Cylinders, Hamworthy Heating, Sun Ray, PBS Power Equipment, s.r.o., Enerstena Group, Petrojet Trade s.r.o., Druzstevni zavody Drazice company, Noritz Corporation, General Electric (GE), ATMOR, Kyungdong Navien Co.,Ltd., Viesmann Group, Whirlpool Corporation, Alfa Laval, Carrier Corporation, Apen Group, State Industries, American Water Heaters, EcoSmart US, Goodman, ABRAVA- DASOL, Aquecedor Solar Transsen Ltda., Br Solar, IEM – Intercambio Eletro Mecanico Ltda., Dana Water Heaters and Coolers Factory LLC, Al Khatib Electrical Water Heater Factory, Pure Blue International LLC, Solar Ray, Genersys South Africa, GoSolar CC, ITS Solar, Kwikot (Pty) Ltd.

The water heaters market report table of contents includes: